MeraEvents raises $1 mn for expansion

MeraEvents, a leading event technology solutions provider, Thursday announced closing of a $1 million strategic round of financing from OMICS International.

The investment will bolster MeraEvents' rapid expansion, marketing, customer service and consolidate its growth, MeraEvents founder and CEO Chennapa Naidu Darapaneni told reporters here.

MeraEvents, which plans to raise another $4 million in the next six months, provided technology solutions to over 10,000 events during 2013-14 and has set a target of 25,000 events for the current year.

Naidu said the company sell more than one crore rupees worth of tickets per month and has associated with more than 13,000 event organizers across the country.

The company's head count is expected to go up from current 80 to 100 by the end of current financial year.

Currently present in six major cities, it will use the funding to continue expanding its reach to other cities, accelerate product growth and innovation and invest in additional sales and marketing resources.

Naidu said partnering with OMICS International was an additional value to the company as it would get global reach. OMICS will be utilizing the technology of MeraEvents for 300 scientific and medical conferences planned by it during the year, he added.